this post was submitted on 04 Jun 2024
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I'm still trying to understand how actually replacing people with AI is supposed to work, because the quality of the outputs is still essentially trash. I do understand that in the short term capital prefers to swing its dick around to prove a point, and maybe that's all there is to it. However, I have a sneaking suspicion that AI hype is being used to cover for a very real economic slowdown that is actually driving the lack of job prospects and layoffs. Maybe capital is just hoping that AIs can do a good enough job to keep them floating until the recession is over.
This post by Ed Zitron is pretty cogent to me - AI is the last next big thing for tech in its desperate search for continued hyper growth. Tech is essentially cooked, at this point - or at least, the familiar Silicon Valley of the last 10 years.
There are plenty of comparisons of Nvidia’s valuation to that of Cisco during the dotcom boom. I remain convinced that some of the biggest tech names of the last decade are going to disappear over the next decade (Uber, DoorDash, et al). We’re in a very transitional time and things are going to change drastically, imo
honestly smartphones were the last next big thing, everything since 2008 has been desperate flailing. apps got better sure because of course they would but tech hasnt been able to recapture that.
as with all things capital bled this tech dry for profits and is now grasping at straws trying to make infinite exponential growth from finite, incremental technological advancements.